August 21, 2019 / 9:05 AM / 4 months ago

Swiss Raiffeisen seeks to avoid negative rates for retail clients

ZURICH, Aug 21 (Reuters) - Swiss cooperative lender Raiffeisen Schweiz aims to avoid imposing negative interest rate charges on retail customers and has no plans to move in this direction, the bank said on Wednesday.

UBS Group said last month it would impose from November a negative interest rate of 0.75% on wealthy clients who deposit more than 2 million Swiss francs ($2.04 million) with its Swiss bank, citing expectations for a long period of ultra-loose monetary policy. Credit Suisse is weighing a similar move.

$1 = 0.9793 Swiss francs Reporting by Angelika Gruber, Writing by Michael Shields

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